XML 54 R37.htm IDEA: XBRL DOCUMENT v3.22.2
Segment Information (Tables)
 6 Months Ended
Jun. 30, 2022
Segment Reporting [Abstract]  
Reportable Segment Information

Reportable segment information is shown in the following tables:

 

 

 

Three Months Ended June 30, 2022

 

 

 

Gathering and Processing

 

 

Logistics and Transportation

 

 

Other

 

 

Corporate

and

Eliminations

 

 

Total

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales of commodities

 

$

261.9

 

 

$

5,366.8

 

 

$

(4.5

)

 

$

—

 

 

$

5,624.2

 

Fees from midstream services

 

 

251.6

 

 

 

180.0

 

 

 

—

 

 

 

—

 

 

 

431.6

 

 

 

 

513.5

 

 

 

5,546.8

 

 

 

(4.5

)

 

 

—

 

 

 

6,055.8

 

Intersegment revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales of commodities

 

 

2,656.6

 

 

 

131.6

 

 

 

—

 

 

 

(2,788.2

)

 

 

—

 

Fees from midstream services

 

 

(0.5

)

 

 

12.0

 

 

 

—

 

 

 

(11.5

)

 

 

—

 

 

 

 

2,656.1

 

 

 

143.6

 

 

 

—

 

 

 

(2,799.7

)

 

 

—

 

Revenues

 

$

3,169.6

 

 

$

5,690.4

 

 

$

(4.5

)

 

$

(2,799.7

)

 

$

6,055.8

 

Operating margin (1)

 

$

474.7

 

 

$

322.3

 

 

$

(4.5

)

 

 

 

 

 

 

 

 

Other financial information:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets (2)

 

$

8,253.4

 

 

$

6,915.0

 

 

$

0.8

 

 

$

165.1

 

 

$

15,334.3

 

Goodwill

 

$

45.2

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

45.2

 

Capital expenditures

 

$

196.7

 

 

$

42.6

 

 

$

—

 

 

$

4.4

 

 

$

243.7

 

 

(1)

Operating margin is calculated by subtracting Product purchases and fuel and Operating expenses from Revenues.

(2)

Assets in the Corporate and Eliminations column primarily include tax-related assets, cash, prepaids and debt issuance costs for our revolving credit facilities.

 

 

 

Three Months Ended June 30, 2021

 

 

 

Gathering and Processing

 

 

Logistics and Transportation

 

 

Other

 

 

Corporate

and

Eliminations

 

 

Total

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales of commodities

 

$

147.3

 

 

$

3,014.8

 

 

$

(70.5

)

 

$

—

 

 

$

3,091.6

 

Fees from midstream services

 

 

171.8

 

 

 

152.5

 

 

 

—

 

 

 

—

 

 

 

324.3

 

 

 

 

319.1

 

 

 

3,167.3

 

 

 

(70.5

)

 

 

—

 

 

 

3,415.9

 

Intersegment revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales of commodities

 

 

1,184.7

 

 

 

92.6

 

 

 

—

 

 

 

(1,277.3

)

 

 

—

 

Fees from midstream services

 

 

0.6

 

 

 

7.4

 

 

 

—

 

 

 

(8.0

)

 

 

—

 

 

 

 

1,185.3

 

 

 

100.0

 

 

 

—

 

 

 

(1,285.3

)

 

 

—

 

Revenues

 

$

1,504.4

 

 

$

3,267.3

 

 

$

(70.5

)

 

$

(1,285.3

)

 

$

3,415.9

 

Operating margin (1)

 

$

301.2

 

 

$

291.4

 

 

$

(70.5

)

 

 

 

 

 

 

 

 

Other financial information:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets (2)

 

$

8,494.2

 

 

$

6,687.2

 

 

$

46.8

 

 

$

183.6

 

 

$

15,411.8

 

Goodwill

 

$

45.2

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

45.2

 

Capital expenditures

 

$

114.0

 

 

$

14.8

 

 

$

—

 

 

$

(13.3

)

 

$

115.5

 

 

(1)

Operating margin is calculated by subtracting Product purchases and fuel and Operating expenses from Revenues.

(2)

Assets in the Corporate and Eliminations column primarily include tax-related assets, cash, prepaids and debt issuance costs for our revolving credit facilities.

 

 

 

 

Six Months Ended June 30, 2022

 

 

 

Gathering and Processing

 

 

Logistics and Transportation

 

 

Other

 

 

Corporate

and

Eliminations

 

 

Total

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales of commodities

 

$

396.4

 

 

$

9,976.6

 

 

$

(182.7

)

 

$

—

 

 

$

10,190.3

 

Fees from midstream services

 

 

462.2

 

 

 

362.4

 

 

 

—

 

 

 

—

 

 

 

824.6

 

 

 

 

858.6

 

 

 

10,339.0

 

 

 

(182.7

)

 

 

—

 

 

 

11,014.9

 

Intersegment revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales of commodities

 

 

4,687.2

 

 

 

255.8

 

 

 

—

 

 

 

(4,943.0

)

 

 

—

 

Fees from midstream services

 

 

(0.2

)

 

 

22.6

 

 

 

—

 

 

 

(22.4

)

 

 

—

 

 

 

 

4,687.0

 

 

 

278.4

 

 

 

—

 

 

 

(4,965.4

)

 

 

—

 

Revenues

 

$

5,545.6

 

 

$

10,617.4

 

 

$

(182.7

)

 

$

(4,965.4

)

 

$

11,014.9

 

Operating margin (1)

 

$

872.3

 

 

$

674.5

 

 

$

(182.7

)

 

 

 

 

 

 

 

 

Other financial information:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets (2)

 

$

8,253.4

 

 

$

6,915.0

 

 

$

0.8

 

 

$

165.1

 

 

$

15,334.3

 

Goodwill

 

$

45.2

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

45.2

 

Capital expenditures

 

$

329.7

 

 

$

67.8

 

 

$

—

 

 

$

8.7

 

 

$

406.2

 

 

(1)

Operating margin is calculated by subtracting Product purchases and fuel and Operating expenses from Revenues.

(2)

Assets in the Corporate and Eliminations column primarily include tax-related assets, cash, prepaids and debt issuance costs for our revolving credit facilities.

 

 

 

Six Months Ended June 30, 2021

 

 

 

Gathering and Processing

 

 

Logistics and Transportation

 

 

Other

 

 

Corporate

and

Eliminations

 

 

Total

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales of commodities

 

$

289.8

 

 

$

6,238.6

 

 

$

(69.1

)

 

$

—

 

 

$

6,459.3

 

Fees from midstream services

 

 

291.3

 

 

 

298.1

 

 

 

—

 

 

 

—

 

 

 

589.4

 

 

 

 

581.1

 

 

 

6,536.7

 

 

 

(69.1

)

 

 

—

 

 

 

7,048.7

 

Intersegment revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales of commodities

 

 

2,154.4

 

 

 

175.2

 

 

 

—

 

 

 

(2,329.6

)

 

 

—

 

Fees from midstream services

 

 

2.1

 

 

 

15.3

 

 

 

—

 

 

 

(17.4

)

 

 

—

 

 

 

 

2,156.5

 

 

 

190.5

 

 

 

—

 

 

 

(2,347.0

)

 

 

—

 

Revenues

 

$

2,737.6

 

 

$

6,727.2

 

 

$

(69.1

)

 

$

(2,347.0

)

 

$

7,048.7

 

Operating margin (1)

 

$

576.6

 

 

$

640.1

 

 

$

(69.1

)

 

 

 

 

 

 

 

 

Other financial information:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets (2)

 

$

8,494.2

 

 

$

6,687.2

 

 

$

46.8

 

 

$

183.6

 

 

$

15,411.8

 

Goodwill

 

$

45.2

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

45.2

 

Capital expenditures

 

$

183.5

 

 

$

25.2

 

 

$

—

 

 

$

(9.7

)

 

$

199.0

 

 

(1)

Operating margin is calculated by subtracting Product purchases and fuel and Operating expenses from Revenues.

(2)

Assets in the Corporate and Eliminations column primarily include tax-related assets, cash, prepaids and debt issuance costs for our revolving credit facilities.

 

 
Revenues Disaggregated by Product and Service

The following table shows our consolidated revenues disaggregated by product and service for the periods presented:

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Sales of commodities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue recognized from contracts with customers:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Natural gas

 

$

1,531.7

 

 

$

613.8

 

 

$

2,496.0

 

 

$

1,455.2

 

NGL

 

 

4,096.4

 

 

 

2,499.1

 

 

 

7,903.0

 

 

 

5,093.6

 

Condensate and crude oil

 

 

172.8

 

 

 

88.9

 

 

 

290.9

 

 

 

155.5

 

 

 

 

5,800.9

 

 

 

3,201.8

 

 

 

10,689.9

 

 

 

6,704.3

 

Non-customer revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivative activities - Hedge

 

 

(157.7

)

 

 

(53.6

)

 

 

(303.5

)

 

 

(203.4

)

Derivative activities - Non-hedge (1)

 

 

(19.0

)

 

 

(56.6

)

 

 

(196.1

)

 

 

(41.6

)

 

 

 

(176.7

)

 

 

(110.2

)

 

 

(499.6

)

 

 

(245.0

)

Total sales of commodities

 

 

5,624.2

 

 

 

3,091.6

 

 

 

10,190.3

 

 

 

6,459.3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fees from midstream services:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue recognized from contracts with customers:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gathering and processing

 

 

247.1

 

 

 

168.0

 

 

 

453.4

 

 

 

284.3

 

NGL transportation, fractionation and services

 

 

66.9

 

 

 

45.6

 

 

 

132.7

 

 

 

92.8

 

Storage, terminaling and export

 

 

101.9

 

 

 

96.5

 

 

 

202.8

 

 

 

185.4

 

Other

 

 

15.7

 

 

 

14.2

 

 

 

35.7

 

 

 

26.9

 

Total fees from midstream services

 

 

431.6

 

 

 

324.3

 

 

 

824.6

 

 

 

589.4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenues

 

$

6,055.8

 

 

$

3,415.9

 

 

$

11,014.9

 

 

$

7,048.7

 

 

(1)

Represents derivative activities that are not designated as hedging instruments under ASC 815.

 
Reconciliation of Reportable Segment Operating Margin to Income (Loss) Before Income Taxes

The following table shows a reconciliation of reportable segment Operating margin to Income (loss) before income taxes for the periods presented: 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Reconciliation of reportable segment operating

margin to income (loss) before income taxes:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gathering and Processing operating margin

$

 

474.7

 

 

$

 

301.2

 

 

$

 

872.3

 

 

$

 

576.6

 

Logistics and Transportation operating margin

 

 

322.3

 

 

 

 

291.4

 

 

 

 

674.5

 

 

 

 

640.1

 

Other operating margin

 

 

(4.5

)

 

 

 

(70.5

)

 

 

 

(182.7

)

 

 

 

(69.1

)

Depreciation and amortization expense

 

 

(269.9

)

 

 

 

(211.9

)

 

 

 

(479.0

)

 

 

 

(428.0

)

General and administrative expense

 

 

(71.0

)

 

 

 

(63.7

)

 

 

 

(138.0

)

 

 

 

(125.1

)

Interest expense, net

 

 

(81.2

)

 

 

 

(94.8

)

 

 

 

(174.7

)

 

 

 

(193.2

)

Equity earnings (loss)

 

 

1.4

 

 

 

 

12.8

 

 

 

 

7.0

 

 

 

 

24.6

 

Gain (loss) on sale or disposition of assets

 

 

0.6

 

 

 

 

0.4

 

 

 

 

1.6

 

 

 

 

0.2

 

Write-down of assets

 

 

(0.5

)

 

 

 

(1.1

)

 

 

 

(1.0

)

 

 

 

(4.7

)

Gain (loss) from financing activities

 

 

(33.8

)

 

 

 

(1.9

)

 

 

 

(49.6

)

 

 

 

(16.6

)

Gain (loss) from sale of equity method investment

 

 

435.9

 

 

 

 

—

 

 

 

 

435.9

 

 

 

 

—

 

Other, net

 

 

0.7

 

 

 

 

0.1

 

 

 

 

—

 

 

 

 

0.1

 

Income (loss) before income taxes

$

 

774.7

 

 

$

 

162.0

 

 

$

 

966.3

 

 

$

 

404.9